r/title-12-BANKS-AND-BANKING wiki — defined terms
The statute’s own glossary: every term Title 12 defines, in section order.
“initial amortization schedule” applies throughout its chapter
The term “initial amortization schedule” means a schedule established at the time at which a residential mortgage transaction is consummated with respect to a fixed rate mortgage, showing— (A) the amount of principal and interest that is due at regular intervals to retire the principal balance and accrued interest over the amortization period of the loan; and (B) the unpaid principal balance of the loan after each scheduled payment is made. (6) Amortization schedule then in effect
“midpoint of the amortization period” applies throughout its chapter
The term “midpoint of the amortization period” means, with respect to a residential mortgage transaction, the point in time that is halfway through the period that begins upon the first day of the amortization period established at the time a residential mortgage transaction is consummated and ends upon the completion of the entire period over which the mortgage is scheduled to be amortized. (8) Mortgage insurance
“mortgage insurance” applies throughout its chapter
The term “mortgage insurance” means insurance, including any mortgage guaranty insurance, against the nonpayment of, or default on, an individual mortgage or loan involved in a residential mortgage transaction. (9) Mortgage insurer
“mortgage insurer” applies throughout its chapter
The term “mortgage insurer” means a provider of private mortgage insurance, as described in this chapter, that is authorized to transact such business in the State in which the provider is transacting such business. (10) Mortgagee
“mortgagee” applies throughout its chapter
The term “mortgagee” means the holder of a residential mortgage at the time at which that mortgage transaction is consummated. (11) Mortgagor
“mortgagor” applies throughout its chapter
The term “mortgagor” means the original borrower under a residential mortgage or his or her successors or assignees. (12) Original value The term “original value”, with respect to a residential mortgage transaction, means the lesser of the sales price of the property securing the mortgage, as reflected in the contract, or the appraised value at the time at which the subject residential mortgage transaction was consummated. In the case of a residential mortgage transaction for refinancing the principal residence of the mortgagor, such term means only the appraised value relied upon by the mortgagee to approve the refinance transaction. (13) Private mortgage insurance
“private mortgage insurance” applies throughout its chapter
The term “private mortgage insurance” means mortgage insurance other than mortgage insurance made available under the National Housing Act [ 12 U.S.C. 1701 et seq.], title 38, or title V of the Housing Act of 1949 [ 42 U.S.C. 1471 et seq.]. (14) Residential mortgage
“residential mortgage” applies throughout its chapter
The term “residential mortgage” means a mortgage, loan, or other evidence of a security interest created with respect to a single-family dwelling that is the principal residence of the mortgagor. (15) Residential mortgage transaction
“residential mortgage transaction” applies throughout its chapter
The term “residential mortgage transaction” means a transaction consummated on or after the date that is 1 year after July 29, 1998 , in which a mortgage, deed of trust, purchase money security interest arising under an installment sales contract, or equivalent consensual security interest is created or retained against a single-family dwelling that is the principal residence of the mortgagor to finance the acquisition, initial construction, or refinancing of that dwelling. (16) Servicer
“servicer” applies throughout its chapter
The term “servicer” has the same meaning as in section 2605(i)(2) of this title , with respect to a residential mortgage. (17) Single-family dwelling
“single-family dwelling” applies throughout its chapter
The term “single-family dwelling” means a residence consisting of 1 family dwelling unit. (18) Termination date
“termination date” applies throughout its chapter
The term “termination date” means— (A) with respect to a fixed rate mortgage, the date on which the principal balance of the mortgage, based solely on the initial amortization schedule for that mortgage, and irrespective of the outstanding balance for that mortgage on that date, is first scheduled to reach 78 percent of the original value of the property securing the loan; and (B) with respect to an adjustable rate mortgage, the date on which the principal balance of the mortgage, based solely on the amortization schedule then in effect for that mortgage, and irrespective of the outstanding balance for that mortgage on that date, is first scheduled to reach 78 percent of the original value …
“borrower paid mortgage insurance” applies in that section
the term “borrower paid mortgage insurance” means private mortgage insurance that is required in connection with a residential mortgage transaction, payments for which are made by the borrower;
“lender paid mortgage insurance” applies in that section
the term “lender paid mortgage insurance” means private mortgage insurance that is required in connection with a residential mortgage transaction, payments for which are made by a person other than the borrower; and;
“loan commitment” applies in that section
the term “loan commitment” means a prospective mortgagee’s written confirmation of its approval, including any applicable closing conditions, of the application of a prospective mortgagor for a residential mortgage loan. (b) Exclusion Sections 4902 through 4904 of this title do not apply in the case of lender paid mortgage insurance.
“protected State law” applies in that section
the term “protected State law” means a State law— (i) regarding any requirements relating to private mortgage insurance in connection with residential mortgage transactions; (ii) that was enacted not later than 2 years after July 29, 1998 ; and (iii) that is the law of a State that had in effect, on or before January 2, 1998 , any State law described in clause (i).
“account” applies throughout its chapter
The term “account” means a deposit account at a bank. (2) Bank
“bank” applies throughout its chapter
The term “bank” means any person that is located in a State and engaged in the business of banking and includes— (A) any depository institution (as defined in section 461(b)(1)(A) of this title ); (B) any Federal reserve bank; (C) any Federal home loan bank; or (D) to the extent it acts as a payor— (i) the Treasury of the United States; (ii) the United States Postal Service; (iii) a State government; or (iv) a unit of general local government (as defined in section 4001(24) of this title ). (3) Banking terms (A) Collecting bank
“Board” applies throughout its chapter
The term “Board” means the Board of Governors of the Federal Reserve System. (5) Business day
“business day” applies throughout its chapter
The term “business day” has the same meaning as in section 4001(3) of this title . (6) Check
“check” applies throughout its chapter
The term “check”— (A) means a draft, payable on demand and drawn on or payable through or at an office of a bank, whether or not negotiable, that is handled for forward collection or return, including a substitute check and a travelers check; and (B) does not include a noncash item or an item payable in a medium other than United States dollars. (7) Consumer
“collecting bank” applies throughout its chapter
The term “collecting bank” means any bank handling a check for collection except the paying bank. (B) Depositary bank
“consumer” applies throughout its chapter
The term “consumer” means an individual who— (A) with respect to a check handled for forward collection, draws the check on a consumer account; or (B) with respect to a check handled for return, deposits the check into, or cashes the check against, a consumer account. (8) Consumer account
“consumer account” applies throughout its chapter
The term “consumer account” has the same meaning as in section 4001(10) of this title . (9) Customer
“customer” applies throughout its chapter
The term “customer” means a person having an account with a bank. (10) Forward collection
“depositary bank” applies throughout its chapter
The term “depositary bank” means— (i) the first bank to which a check is transferred, even if such bank is also the paying bank or the payee; or (ii) a bank to which a check is transferred for deposit in an account at such bank, even if the check is physically received and indorsed first by another bank. (C) Paying bank
“forward collection” applies throughout its chapter
The term “forward collection” means the transfer by a bank of a check to a collecting bank for settlement or the paying bank for payment. (11) Indemnifying bank
“indemnifying bank” applies throughout its chapter
The term “indemnifying bank” means a bank that is providing an indemnity under section 5005 of this title with respect to a substitute check. (12) MICR line
“magnetic ink character recognition line” applies throughout its chapter
The terms “MICR line” and “magnetic ink character recognition line” mean the numbers, which may include the bank routing number, account number, check number, check amount, and other information, that are printed near the bottom of a check in magnetic ink in accordance with generally applicable industry standards. (13) Noncash item
“MICR line” applies throughout its chapter
The terms “MICR line” and “magnetic ink character recognition line” mean the numbers, which may include the bank routing number, account number, check number, check amount, and other information, that are printed near the bottom of a check in magnetic ink in accordance with generally applicable industry standards. (13) Noncash item
“noncash item” applies throughout its chapter
The term “noncash item” has the same meaning as in section 4001(14) of this title . (14) Person
“paying bank” applies throughout its chapter
The term “paying bank” means— (i) the bank by which a check is payable, unless the check is payable at or through another bank and is sent to the other bank for payment or collection; or (ii) the bank at or through which a check is payable and to which the check is sent for payment or collection. (D) Returning bank (i) In general
“person” applies throughout its chapter
The term “person” means a natural person, corporation, unincorporated company, partnership, government unit or instrumentality, trust, or any other entity or organization. (15) Reconverting bank
“reconverting bank” applies throughout its chapter
The term “reconverting bank” means— (A) the bank that creates a substitute check; or (B) if a substitute check is created by a person other than a bank, the first bank that transfers or presents such substitute check. (16) Substitute check
“returning bank” applies throughout its chapter
The term “returning bank” means a bank (other than the paying or depositary bank) handling a returned check or notice in lieu of return. (ii) Treatment as collecting bank No provision of this chapter shall be construed as affecting the treatment of a returning bank as a collecting bank for purposes of section 4–202(b) of the Uniform Commercial Code. (4) Board
“State” applies throughout its chapter
The term “State” has the same meaning as in section 1813(a) of this title . (18) Truncate
“substitute check” applies throughout its chapter
The term “substitute check” means a paper reproduction of the original check that— (A) contains an image of the front and back of the original check; (B) bears a MICR line containing all the information appearing on the MICR line of the original check, except as provided under generally applicable industry standards for substitute checks to facilitate the processing of substitute checks; (C) conforms, in paper stock, dimension, and otherwise, with generally applicable industry standards for substitute checks; and (D) is suitable for automated processing in the same manner as the original check. (17) State
“truncate” applies throughout its chapter
The term “truncate” means to remove an original paper check from the check collection or return process and send to a recipient, in lieu of such original paper check, a substitute check or, by agreement, information relating to the original check (including data taken from the MICR line of the original check or an electronic image of the original check), whether with or without subsequent delivery of the original paper check. (19) Uniform Commercial Code
“Uniform Commercial Code” applies throughout its chapter
The term “Uniform Commercial Code” means the Uniform Commercial Code in effect in a State. (20) Other terms Unless the context requires otherwise, the terms not defined in this section shall have the same meanings as in the Uniform Commercial Code.
“administrative or clerical tasks” applies in that section
The term “administrative or clerical tasks” means the receipt, collection, and distribution of information common for the processing or underwriting of a loan in the mortgage industry and communication with a consumer to obtain information necessary for the processing or underwriting of a residential mortgage loan. (D) Real estate brokerage activity defined
“Bureau” applies throughout its chapter
The term “Bureau” means the Bureau of Consumer Financial Protection. (2) Federal banking agency
“depository institution” applies throughout its chapter
The term “depository institution” has the same meaning as in section 1813 of this title , and includes any credit union. (4) Loan originator (A) In general
“Director” applies in that section
The term “Director” means the Director of the Bureau of Consumer Financial Protection. (11) State
“Federal banking agency” applies throughout its chapter
The term “Federal banking agency” means the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Federal Deposit Insurance Corporation. (3) Depository institution
“loan originator” applies throughout its chapter
The term “loan originator”— (i) means an individual who— (I) takes a residential mortgage loan application; and (II) offers or negotiates terms of a residential mortgage loan for compensation or gain; (ii) does not include any individual who is not otherwise described in clause (i) and who performs purely administrative or clerical tasks on behalf of a person who is described in any such clause; (iii) does not include a person or entity that only performs real estate brokerage activities and is licensed or registered in accordance with applicable State law, unless the person or entity is compensated by a lender, a mortgage broker, or other loan originator or by any agent of such lender, …
“loan processor or underwriter” applies in that section
The term “loan processor or underwriter” means an individual who performs clerical or support duties at the direction of and subject to the supervision and instruction of— (i) a State-licensed loan originator; or (ii) a registered loan originator.
“Nationwide Mortgage Licensing System and Registry” applies in that section
The term “Nationwide Mortgage Licensing System and Registry” means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the State licensing and registration of State-licensed loan originators and the registration of registered loan originators or any system established by the Director under section 5108 of this title . (7) Nontraditional mortgage product
“nontraditional mortgage product” applies in that section
The term “nontraditional mortgage product” means any mortgage product other than a 30-year fixed rate mortgage. (8) Registered loan originator
“real estate brokerage activity” applies in that section
The term “real estate brokerage activity” means any activity that involves offering or providing real estate brokerage services to the public, including— (i) acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property; (ii) bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property; (iii) negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental, or exchange of real property (other than in connection with providing financing with respect to any such transaction); (iv) engaging in any activity for which a person engaged in the activity is required to …
“registered loan originator” applies in that section
The term “registered loan originator” means any individual who— (A) meets the definition of loan originator and is an employee of— (i) a depository institution; (ii) a subsidiary that is— (I) owned and controlled by a depository institution; and (II) regulated by a Federal banking agency; or (iii) an institution regulated by the Farm Credit Administration; and (B) is registered with, and maintains a unique identifier through, the Nationwide Mortgage Licensing System and Registry. (9) Residential mortgage loan
“residential mortgage loan” applies in that section
The term “residential mortgage loan” means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling (as defined in section 1602(v) 1 of title 15) or residential real estate upon which is constructed or intended to be constructed a dwelling (as so defined). (10) Director
“State” applies in that section
The term “State” means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. (12) State-licensed loan originator
“State-licensed loan originator” applies in that section
The term “State-licensed loan originator” means any individual who— (A) is a loan originator; (B) is not an employee of— (i) a depository institution; (ii) a subsidiary that is— (I) owned and controlled by a depository institution; and (II) regulated by a Federal banking agency; or (iii) an institution regulated by the Farm Credit Administration; and (C) is licensed by a State or by the Director under section 5107 of this title and registered as a loan originator with, and maintains a unique identifier through, the Nationwide Mortgage Licensing System and Registry. (13) Unique identifier (A) In general
“unique identifier” applies in that section
The term “unique identifier” means a number or other identifier that— (i) permanently identifies a loan originator; (ii) is assigned by protocols established by the Nationwide Mortgage Licensing System and Registry and the Bureau to facilitate electronic tracking of loan originators and uniform identification of, and public access to, the employment history of and the publicly adjudicated disciplinary and enforcement actions against loan originators; and (iii) shall not be used for purposes other than those set forth under this chapter.
“application State” applies in that section
The term “application State” means a State in which a registered loan originator or a State-licensed loan originator seeks to be licensed. (2) State-licensed mortgage company
“State-licensed mortgage company” applies in that section
The term “State-licensed mortgage company” means an entity that is licensed or registered under the law of any State to engage in residential mortgage loan origination and processing activities. (b) Temporary authority to originate loans for loan originators moving from a depository institution to a non-depository institution (1) In general Upon becoming employed by a State-licensed mortgage company, an individual who is a registered loan originator shall be deemed to have temporary authority to act as a loan originator in an application State for the period described in paragraph (2) if the individual— (A) has not had— (i) an application for a loan originator license denied; or (ii) a loan …
“appropriate committees of Congress” applies throughout its chapter
The term “appropriate committees of Congress” means— (A) the Committee on Banking, Housing, and Urban Affairs, the Committee on Finance, the Committee on the Budget, and the Committee on Appropriations of the Senate; and (B) the Committee on Financial Services, the Committee on Ways and Means, the Committee on the Budget, and the Committee on Appropriations of the House of Representatives. (2) Board
“Board” applies throughout its chapter
The term “Board” means the Board of Governors of the Federal Reserve System. (3) Congressional support agencies
“congressional support agencies” applies throughout its chapter
The term “congressional support agencies” means the Congressional Budget Office and the Joint Committee on Taxation. (4) Corporation
“Corporation” applies throughout its chapter
The term “Corporation” means the Federal Deposit Insurance Corporation. (5) Financial institution
“financial institution” applies throughout its chapter
The term “financial institution” means any institution, including, but not limited to, any bank, savings association, credit union, security broker or dealer, or insurance company, established and regulated under the laws of the United States or any State, territory, or possession of the United States, the District of Columbia, Commonwealth of Puerto Rico, Commonwealth of Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands, and having significant operations in the United States, but excluding any central bank of, or institution owned by, a foreign government. (6) Fund
“Fund” applies throughout its chapter
The term “Fund” means the Troubled Assets Insurance Financing Fund established under section 5212 of this title . (7) Secretary
“Secretary” applies throughout its chapter
The term “Secretary” means the Secretary of the Treasury. (8) TARP
“TARP” applies throughout its chapter
The term “TARP” means the Troubled Asset Relief Program established under section 5211 of this title . (9) Troubled assets
“troubled assets” applies throughout its chapter
The term “troubled assets” means— (A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008 , the purchase of which the Secretary determines promotes financial market stability; and (B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.
“individual with disability” applies in that section
the term “individual with disability” has the same meaning as the term “handicapped individual” as that term is defined in section 632(f) of title 15 ), in that solicitation or contract, including contracts to asset managers, servicers, property managers, and other service providers or expert consultants. (c) Eligibility of FDIC Notwithstanding subsections (a) and (b), the Corporation— (1) shall be eligible for, and shall be considered in, the selection of asset managers for residential mortgage loans and residential mortgage-backed securities; and (2) shall be reimbursed by the Secretary for any services provided.
“consumer” applies in that section
the term “consumer” has the same meaning as in section 1602 of title 15 ;
“Federal property manager” applies in that section
the term “Federal property manager” means— (A) the Federal Housing Finance Agency, in its capacity as conservator of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation; (B) the Corporation, with respect to residential mortgage loans and mortgage-backed securities held by any bridge depository institution pursuant to section 1821(n) of this title ; and (C) the Board, with respect to any mortgage or mortgage-backed securities or pool of securities held, owned, or controlled by or on behalf of a Federal reserve bank, other than mortgages or securities held, owned, or controlled in connection with open market operations under sections 348a and 353 to 359 of …
“insured depository institution” applies in that section
the term “insured depository institution” has the same meaning as in section 1813 of this title ; and;
“servicer” applies in that section
the term “servicer” has the same meaning as in section 2605(i)(2) of this title . (b) Homeowner assistance by agencies (1) In general To the extent that the Federal property manager holds, owns, or controls mortgages, mortgage backed 2 securities, and other assets secured by residential real estate, including multifamily housing, the Federal property manager shall implement a plan that seeks to maximize assistance for homeowners and use its authority to encourage the servicers of the underlying mortgages, and considering net present value to the taxpayer, to take advantage of the HOPE for Homeowners Program under section 1715z–23 of this title or other available programs to minimize …
“multifamily properties” applies in that section
the term “multifamily properties” means a residential structure that consists of 5 or more dwelling units. (d) Prevention of qualification for criminal applicants (1) In general No person shall be eligible to begin receiving assistance from the Making Home Affordable Program authorized under the Emergency Economic Stabilization Act of 2008 ( 12 U.S.C. 5201 et seq.), or any other mortgage assistance program authorized or funded by that Act, on or after 60 days after July 21, 2010 , if such person, in connection with a mortgage or real estate transaction, has been convicted, within the last 10 years, of any one of the following: (A) Felony larceny, theft, fraud, or forgery.
“Commission” applies in that section
The term “Commission” means the Securities and Exchange Commission. (5) Period in which obligation is outstanding; rule of construction For purposes of this section, the period in which any obligation arising from financial assistance provided under the TARP remains outstanding does not include any period during which the Federal Government only holds warrants to purchase common stock of the TARP recipient.
“golden parachute payment” applies in that section
The term “golden parachute payment” means any payment to a senior executive officer for departure from a company for any reason, except for payments for services performed or benefits accrued. (3) TARP recipient
“senior executive officer” applies in that section
The term “senior executive officer” means an individual who is 1 of the top 5 most highly paid executives of a public company, whose compensation is required to be disclosed pursuant to the Securities Exchange Act of 1934 [ 15 U.S.C. 78a et seq.], and any regulations issued thereunder, and non-public company counterparts. (2) Golden parachute payment
“TARP recipient” applies in that section
The term “TARP recipient” means any entity that has received or will receive financial assistance under the financial assistance provided under the TARP. (4) Commission
“joint resolution” applies in that section
the term “joint resolution” means only a joint resolution— (A) that is introduced not later than 3 calendar days after the date on which the report of the plan of the Secretary referred to in subsection (a)(3) is received by Congress; (B) which does not have a preamble; (C) the title of which is as follows: “Joint resolution relating to the disapproval of obligations under the Emergency Economic Stabilization Act of 2008”; and (D) the matter after the resolving clause of which is as follows: “That Congress disapproves the obligation of any amount exceeding the amounts obligated as described in paragraphs (1) and (2) of section 115(a) of the Emergency Economic Stabilization Act of 2008.”.
“governmental unit” applies in that section
the term “governmental unit” has the meaning given under section 101(27) of title 11 , and does not include any insured depository institution as defined under section 1813 of this title . (B) GAO presence The Secretary shall provide the Comptroller General with appropriate space and facilities in the Department of the Treasury as necessary to facilitate oversight of the TARP until the termination date established in section 5230 3 of this title.
“public-private investment fund” applies in that section
the term “public-private investment fund” means a financial vehicle that is— (1) established by the Federal Government to purchase pools of loans, securities, or assets from a financial institution described in section 101(a)(1) of the Emergency Economic Stabilization Act of 2008 ( 12 U.S.C. 5211(a)(1) ); and (2) funded by a combination of cash or equity from private investors and funds provided by the Secretary of the Treasury or funds appropriated under the Emergency Economic Stabilization Act of 2008 [ 12 U.S.C. 5201 et seq.].
“applicable financial institution” applies in that section
the term “applicable financial institution” means— (A) a financial institution referred to in section 582(c)(2) of title 26 , or (B) a depository institution holding company (as defined in section 1813(w)(1) of this title ).
“applicable preferred stock” applies in that section
the term “applicable preferred stock” means any stock— (1) which is preferred stock in— (A) the Federal National Mortgage Association, established pursuant to the Federal National Mortgage Association Charter Act ( 12 U.S.C. 1716 et seq.), or (B) the Federal Home Loan Mortgage Corporation, established pursuant to the Federal Home Loan Mortgage Corporation Act ( 12 U.S.C. 1451 et seq.), and (2) which— (A) was held by the applicable financial institution on September 6, 2008 , or (B) was sold or exchanged by the applicable financial institution on or after January 1, 2008 , and before September 7, 2008 .
“affiliate” applies in that section
The term “affiliate” has the same meaning as in section 1813 of this title . (2) Appropriate Federal banking agency On and after the transfer date,
“appropriate Federal banking agency” applies in that section
the term “appropriate Federal banking agency” has the same meaning as in section 1813(q) of this title , as amended by title III. 1 (3) Board of Governors
“bank” applies in that section
The terms “bank”, “bank holding company”, “control”, “deposit”, “depository institution”, “Federal depository institution”, “Federal savings association”, “foreign bank”, “including”, “insured branch”, “insured depository institution”, “national member bank”, “national nonmember bank”, “savings association”, “State bank”, “State depository institution”, “State member bank”, “State nonmember bank”, “State savings association”, and “subsidiary” have the same meanings as in section 1813 of this title .
“bank holding company” applies in that section
The terms “bank”, “bank holding company”, “control”, “deposit”, “depository institution”, “Federal depository institution”, “Federal savings association”, “foreign bank”, “including”, “insured branch”, “insured depository institution”, “national member bank”, “national nonmember bank”, “savings association”, “State bank”, “State depository institution”, “State member bank”, “State nonmember bank”, “State savings association”, and “subsidiary” have the same meanings as in section 1813 of this title .
“Board of Governors” applies in that section
The term “Board of Governors” means the Board of Governors of the Federal Reserve System. (4) Bureau
“board of trade” applies in that section
The terms “futures commission merchant”, “swap”, “swap dealer”, “swap execution facility”, “derivatives clearing organization”, “board of trade”, “commodity trading advisor”, “commodity pool”, and “commodity pool operator” have the same meanings as given the terms in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1 et seq.) [ 7 U.S.C. 1a ]. (7) Corporation
“broker” applies in that section
terms “broker”, “dealer”, “issuer”, “nationally recognized statistical rating organization”, “security”, and “securities laws” have the same meanings as in section 3 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c );
“Bureau” applies in that section
The term “Bureau” means the Bureau of Consumer Financial Protection established under title X. 1 (5) Commission
“Commission” applies in that section
The term “Commission” means the Securities and Exchange Commission, except in the context of the Commodity Futures Trading Commission. (6) Commodity futures terms
“commodity pool” applies in that section
The terms “futures commission merchant”, “swap”, “swap dealer”, “swap execution facility”, “derivatives clearing organization”, “board of trade”, “commodity trading advisor”, “commodity pool”, and “commodity pool operator” have the same meanings as given the terms in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1 et seq.) [ 7 U.S.C. 1a ]. (7) Corporation
“commodity pool operator” applies in that section
The terms “futures commission merchant”, “swap”, “swap dealer”, “swap execution facility”, “derivatives clearing organization”, “board of trade”, “commodity trading advisor”, “commodity pool”, and “commodity pool operator” have the same meanings as given the terms in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1 et seq.) [ 7 U.S.C. 1a ]. (7) Corporation
“commodity trading advisor” applies in that section
The terms “futures commission merchant”, “swap”, “swap dealer”, “swap execution facility”, “derivatives clearing organization”, “board of trade”, “commodity trading advisor”, “commodity pool”, and “commodity pool operator” have the same meanings as given the terms in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1 et seq.) [ 7 U.S.C. 1a ]. (7) Corporation
“control” applies in that section
The terms “bank”, “bank holding company”, “control”, “deposit”, “depository institution”, “Federal depository institution”, “Federal savings association”, “foreign bank”, “including”, “insured branch”, “insured depository institution”, “national member bank”, “national nonmember bank”, “savings association”, “State bank”, “State depository institution”, “State member bank”, “State nonmember bank”, “State savings association”, and “subsidiary” have the same meanings as in section 1813 of this title .
“Corporation” applies in that section
The term “Corporation” means the Federal Deposit Insurance Corporation. (8) Council
“Council” applies in that section
The term “Council” means the Financial Stability Oversight Council established under subchapter I. (9) Credit union
“credit union” applies in that section
The term “credit union” means a Federal credit union, State credit union, or State-chartered credit union, as those terms are defined in section 1752 of this title . (10) Federal banking agency The term— (A) “Federal banking agency” means, individually, the Board of Governors, the Office of the Comptroller of the Currency, and the Corporation; and (B) “Federal banking agencies” means all of the agencies referred to in subparagraph (A), collectively. (11) Functionally regulated subsidiary
“dealer” applies in that section
terms “broker”, “dealer”, “issuer”, “nationally recognized statistical rating organization”, “security”, and “securities laws” have the same meanings as in section 3 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c );
“deposit” applies in that section
The terms “bank”, “bank holding company”, “control”, “deposit”, “depository institution”, “Federal depository institution”, “Federal savings association”, “foreign bank”, “including”, “insured branch”, “insured depository institution”, “national member bank”, “national nonmember bank”, “savings association”, “State bank”, “State depository institution”, “State member bank”, “State nonmember bank”, “State savings association”, and “subsidiary” have the same meanings as in section 1813 of this title .
“depository institution” applies in that section
The terms “bank”, “bank holding company”, “control”, “deposit”, “depository institution”, “Federal depository institution”, “Federal savings association”, “foreign bank”, “including”, “insured branch”, “insured depository institution”, “national member bank”, “national nonmember bank”, “savings association”, “State bank”, “State depository institution”, “State member bank”, “State nonmember bank”, “State savings association”, and “subsidiary” have the same meanings as in section 1813 of this title .
“derivatives clearing organization” applies in that section
The terms “futures commission merchant”, “swap”, “swap dealer”, “swap execution facility”, “derivatives clearing organization”, “board of trade”, “commodity trading advisor”, “commodity pool”, and “commodity pool operator” have the same meanings as given the terms in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1 et seq.) [ 7 U.S.C. 1a ]. (7) Corporation
“Federal depository institution” applies in that section
The terms “bank”, “bank holding company”, “control”, “deposit”, “depository institution”, “Federal depository institution”, “Federal savings association”, “foreign bank”, “including”, “insured branch”, “insured depository institution”, “national member bank”, “national nonmember bank”, “savings association”, “State bank”, “State depository institution”, “State member bank”, “State nonmember bank”, “State savings association”, and “subsidiary” have the same meanings as in section 1813 of this title .
“Federal savings association” applies in that section
The terms “bank”, “bank holding company”, “control”, “deposit”, “depository institution”, “Federal depository institution”, “Federal savings association”, “foreign bank”, “including”, “insured branch”, “insured depository institution”, “national member bank”, “national nonmember bank”, “savings association”, “State bank”, “State depository institution”, “State member bank”, “State nonmember bank”, “State savings association”, and “subsidiary” have the same meanings as in section 1813 of this title .
“foreign bank” applies in that section
The terms “bank”, “bank holding company”, “control”, “deposit”, “depository institution”, “Federal depository institution”, “Federal savings association”, “foreign bank”, “including”, “insured branch”, “insured depository institution”, “national member bank”, “national nonmember bank”, “savings association”, “State bank”, “State depository institution”, “State member bank”, “State nonmember bank”, “State savings association”, and “subsidiary” have the same meanings as in section 1813 of this title .
“functionally regulated subsidiary” applies in that section
The term “functionally regulated subsidiary” has the same meaning as in section 1844(c)(5) of this title . (12) Primary financial regulatory agency
“futures commission merchant” applies in that section
The terms “futures commission merchant”, “swap”, “swap dealer”, “swap execution facility”, “derivatives clearing organization”, “board of trade”, “commodity trading advisor”, “commodity pool”, and “commodity pool operator” have the same meanings as given the terms in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1 et seq.) [ 7 U.S.C. 1a ]. (7) Corporation
“including” applies in that section
The terms “bank”, “bank holding company”, “control”, “deposit”, “depository institution”, “Federal depository institution”, “Federal savings association”, “foreign bank”, “including”, “insured branch”, “insured depository institution”, “national member bank”, “national nonmember bank”, “savings association”, “State bank”, “State depository institution”, “State member bank”, “State nonmember bank”, “State savings association”, and “subsidiary” have the same meanings as in section 1813 of this title .
“insured branch” applies in that section
The terms “bank”, “bank holding company”, “control”, “deposit”, “depository institution”, “Federal depository institution”, “Federal savings association”, “foreign bank”, “including”, “insured branch”, “insured depository institution”, “national member bank”, “national nonmember bank”, “savings association”, “State bank”, “State depository institution”, “State member bank”, “State nonmember bank”, “State savings association”, and “subsidiary” have the same meanings as in section 1813 of this title .
“insured depository institution” applies in that section
The terms “bank”, “bank holding company”, “control”, “deposit”, “depository institution”, “Federal depository institution”, “Federal savings association”, “foreign bank”, “including”, “insured branch”, “insured depository institution”, “national member bank”, “national nonmember bank”, “savings association”, “State bank”, “State depository institution”, “State member bank”, “State nonmember bank”, “State savings association”, and “subsidiary” have the same meanings as in section 1813 of this title .
“investment adviser” applies in that section
term “investment adviser” has the same meaning as in section 202 of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–2 ); and;
“investment company” applies in that section
term “investment company” has the same meaning as in section 3 of the Investment Company Act of 1940 ( 15 U.S.C. 80a–3 ). (16) State
“issuer” applies in that section
terms “broker”, “dealer”, “issuer”, “nationally recognized statistical rating organization”, “security”, and “securities laws” have the same meanings as in section 3 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c );
“national member bank” applies in that section
The terms “bank”, “bank holding company”, “control”, “deposit”, “depository institution”, “Federal depository institution”, “Federal savings association”, “foreign bank”, “including”, “insured branch”, “insured depository institution”, “national member bank”, “national nonmember bank”, “savings association”, “State bank”, “State depository institution”, “State member bank”, “State nonmember bank”, “State savings association”, and “subsidiary” have the same meanings as in section 1813 of this title .
“national nonmember bank” applies in that section
The terms “bank”, “bank holding company”, “control”, “deposit”, “depository institution”, “Federal depository institution”, “Federal savings association”, “foreign bank”, “including”, “insured branch”, “insured depository institution”, “national member bank”, “national nonmember bank”, “savings association”, “State bank”, “State depository institution”, “State member bank”, “State nonmember bank”, “State savings association”, and “subsidiary” have the same meanings as in section 1813 of this title .
“nationally recognized statistical rating organization” applies in that section
terms “broker”, “dealer”, “issuer”, “nationally recognized statistical rating organization”, “security”, and “securities laws” have the same meanings as in section 3 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c );
“primary financial regulatory agency” applies in that section
The term “primary financial regulatory agency” means— (A) the appropriate Federal banking agency, with respect to institutions described in section 1813(q) of this title , except to the extent that an institution is or the activities of an institution are otherwise described in subparagraph (B), (C), (D), or (E); (B) the Securities and Exchange Commission, with respect to— (i) any broker or dealer that is registered with the Commission under the Securities Exchange Act of 1934 [ 15 U.S.C.
“prudential standards” applies in that section
The term “prudential standards” means enhanced supervision and regulatory standards developed by the Board of Governors under section 5365 of this title . (14) Secretary
“savings association” applies in that section
The terms “bank”, “bank holding company”, “control”, “deposit”, “depository institution”, “Federal depository institution”, “Federal savings association”, “foreign bank”, “including”, “insured branch”, “insured depository institution”, “national member bank”, “national nonmember bank”, “savings association”, “State bank”, “State depository institution”, “State member bank”, “State nonmember bank”, “State savings association”, and “subsidiary” have the same meanings as in section 1813 of this title .
“Secretary” applies in that section
The term “Secretary” means the Secretary of the Treasury. (15) Securities terms The—;
“securities laws” applies in that section
terms “broker”, “dealer”, “issuer”, “nationally recognized statistical rating organization”, “security”, and “securities laws” have the same meanings as in section 3 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c );
“security” applies in that section
terms “broker”, “dealer”, “issuer”, “nationally recognized statistical rating organization”, “security”, and “securities laws” have the same meanings as in section 3 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c );
“State” applies in that section
The term “State” means any State, commonwealth, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, American Samoa, Guam, or the United States Virgin Islands. (17) Transfer date
“State bank” applies in that section
The terms “bank”, “bank holding company”, “control”, “deposit”, “depository institution”, “Federal depository institution”, “Federal savings association”, “foreign bank”, “including”, “insured branch”, “insured depository institution”, “national member bank”, “national nonmember bank”, “savings association”, “State bank”, “State depository institution”, “State member bank”, “State nonmember bank”, “State savings association”, and “subsidiary” have the same meanings as in section 1813 of this title .
“State depository institution” applies in that section
The terms “bank”, “bank holding company”, “control”, “deposit”, “depository institution”, “Federal depository institution”, “Federal savings association”, “foreign bank”, “including”, “insured branch”, “insured depository institution”, “national member bank”, “national nonmember bank”, “savings association”, “State bank”, “State depository institution”, “State member bank”, “State nonmember bank”, “State savings association”, and “subsidiary” have the same meanings as in section 1813 of this title .
“State member bank” applies in that section
The terms “bank”, “bank holding company”, “control”, “deposit”, “depository institution”, “Federal depository institution”, “Federal savings association”, “foreign bank”, “including”, “insured branch”, “insured depository institution”, “national member bank”, “national nonmember bank”, “savings association”, “State bank”, “State depository institution”, “State member bank”, “State nonmember bank”, “State savings association”, and “subsidiary” have the same meanings as in section 1813 of this title .
“State nonmember bank” applies in that section
The terms “bank”, “bank holding company”, “control”, “deposit”, “depository institution”, “Federal depository institution”, “Federal savings association”, “foreign bank”, “including”, “insured branch”, “insured depository institution”, “national member bank”, “national nonmember bank”, “savings association”, “State bank”, “State depository institution”, “State member bank”, “State nonmember bank”, “State savings association”, and “subsidiary” have the same meanings as in section 1813 of this title .
“State savings association” applies in that section
The terms “bank”, “bank holding company”, “control”, “deposit”, “depository institution”, “Federal depository institution”, “Federal savings association”, “foreign bank”, “including”, “insured branch”, “insured depository institution”, “national member bank”, “national nonmember bank”, “savings association”, “State bank”, “State depository institution”, “State member bank”, “State nonmember bank”, “State savings association”, and “subsidiary” have the same meanings as in section 1813 of this title .
“subsidiary” applies in that section
The terms “bank”, “bank holding company”, “control”, “deposit”, “depository institution”, “Federal depository institution”, “Federal savings association”, “foreign bank”, “including”, “insured branch”, “insured depository institution”, “national member bank”, “national nonmember bank”, “savings association”, “State bank”, “State depository institution”, “State member bank”, “State nonmember bank”, “State savings association”, and “subsidiary” have the same meanings as in section 1813 of this title .
“swap” applies in that section
The terms “futures commission merchant”, “swap”, “swap dealer”, “swap execution facility”, “derivatives clearing organization”, “board of trade”, “commodity trading advisor”, “commodity pool”, and “commodity pool operator” have the same meanings as given the terms in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1 et seq.) [ 7 U.S.C. 1a ]. (7) Corporation
“swap dealer” applies in that section
The terms “futures commission merchant”, “swap”, “swap dealer”, “swap execution facility”, “derivatives clearing organization”, “board of trade”, “commodity trading advisor”, “commodity pool”, and “commodity pool operator” have the same meanings as given the terms in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1 et seq.) [ 7 U.S.C. 1a ]. (7) Corporation
“swap execution facility” applies in that section
The terms “futures commission merchant”, “swap”, “swap dealer”, “swap execution facility”, “derivatives clearing organization”, “board of trade”, “commodity trading advisor”, “commodity pool”, and “commodity pool operator” have the same meanings as given the terms in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1 et seq.) [ 7 U.S.C. 1a ]. (7) Corporation
“transfer date” applies in that section
The term “transfer date” means the date established under section 5411 of this title . (18) Other incorporated definitions (A) Federal Deposit Insurance Act
“antitrust laws” applies in that section
the term “antitrust laws” has the same meaning as in subsection (a) of section 12 of title 15 , except that such term includes section 45 of title 15 , to the extent that such section 45 applies to unfair methods of competition.
“bank holding company” applies throughout its subchapter
The term “bank holding company” has the same meaning as in section 2 of the Bank Holding Company Act of 1956 ( 12 U.S.C. 1841 ). A foreign bank or company that is treated as a bank holding company for purposes of the Bank Holding Company Act of 1956 [ 12 U.S.C. 1841 et seq.], pursuant to section 3106(a) of this title , shall be treated as a bank holding company for purposes of this subchapter. (2) Chairperson
“Chairperson” applies throughout its subchapter
The term “Chairperson” means the Chairperson of the Council. (3) Member agency
“foreign nonbank financial company” applies throughout its subchapter
The term “foreign nonbank financial company” means a company (other than a company that is, or is treated in the United States as, a bank holding company) that is— (i) incorporated or organized in a country other than the United States; and (ii) predominantly engaged in, including through a branch in the United States, financial activities, as defined in paragraph (6). (B) U.S. nonbank financial company
“member agency” applies throughout its subchapter
The term “member agency” means an agency represented by a voting member of the Council. (4) Nonbank financial company definitions (A) Foreign nonbank financial company
“nonbank financial company” applies throughout its subchapter
The term “nonbank financial company” means a U.S. nonbank financial company and a foreign nonbank financial company. (D) Nonbank financial company supervised by the Board of Governors
“nonbank financial company supervised by the Board of Governors” applies throughout its subchapter
The term “nonbank financial company supervised by the Board of Governors” means a nonbank financial company that the Council has determined under section 5323 of this title shall be supervised by the Board of Governors. (5) Office of Financial Research
“Office of Financial Research” applies throughout its subchapter
The term “Office of Financial Research” means the office established under section 5342 of this title . (6) Predominantly engaged A company is “predominantly engaged in financial activities” if— (A) the annual gross revenues derived by the company and all of its subsidiaries from activities that are financial in nature (as defined in section 4(k) of the Bank Holding Company Act of 1956 [ 12 U.S.C.
“significant bank holding company” applies throughout its subchapter
The terms “significant nonbank financial company” and “significant bank holding company” have the meanings given those terms by rule of the Board of Governors, but in no instance shall
“significant nonbank financial company” applies throughout its subchapter
The terms “significant nonbank financial company” and “significant bank holding company” have the meanings given those terms by rule of the Board of Governors, but in no instance shall
“U.S. nonbank financial company” applies throughout its subchapter
The term “U.S. nonbank financial company” means a company (other than a bank holding company, a Farm Credit System institution chartered and subject to the provisions of the Farm Credit Act of 1971 ( 12 U.S.C.
“financial activities” applies in that section
the term “financial activities”— (A) means activities that are financial in nature (as defined in section 1843(k) of this title ); (B) includes the ownership or control of one or more insured depository institutions; and (C) does not include internal financial activities conducted for the company or any affiliate thereof, including internal treasury, investment, and employee benefit functions. (6) Only financial activities subject to prudential supervision Nonfinancial activities of the company shall not be subject to supervision by the Board of Governors and prudential standards of the Board.
“covered agencies” applies in that section
the term “covered agencies” means— (A) the Department of the Treasury; (B) the Board of Governors; (C) the Office of the Comptroller of the Currency; (D) the Bureau; (E) the Commission; (F) the Corporation; (G) the Federal Housing Finance Agency; (H) the National Credit Union Administration Board; and (I) any other primary financial regulatory agency designated by the Secretary;
“data asset” applies in that section
the terms “data asset”, “machine-readable”, “metadata”, and “open license” have the meanings given the terms in section 3502 of title 44 ; and;
“data standard” applies in that section
the term “data standard” means a standard that specifies rules by which data is described and recorded. (b) Rules (1) Proposed rules Not later than 18 months after December 23, 2022 , the heads of the covered agencies shall jointly issue proposed rules for public comment that establish data standards for— (A) the collections of information reported to each covered agency by financial entities under the jurisdiction of the covered agency; and (B) the data collected from covered agencies on behalf of the Council.
“machine-readable” applies in that section
the terms “data asset”, “machine-readable”, “metadata”, and “open license” have the meanings given the terms in section 3502 of title 44 ; and;
“metadata” applies in that section
the terms “data asset”, “machine-readable”, “metadata”, and “open license” have the meanings given the terms in section 3502 of title 44 ; and;
“open license” applies in that section
the terms “data asset”, “machine-readable”, “metadata”, and “open license” have the meanings given the terms in section 3502 of title 44 ; and;
“Data Center” applies throughout its part
the term “Data Center” means the data center established under section 5344 of this title ;